Once you start building your business, finding opportunities and potential investments, you're going to realize you can't do it all on your own.
One of the biggest traps beginning investors fall into is that they try and do everything themselves. They think they will just get one deal done to make some money then build an investment team. Unfortunately, what usually happens is they get stuck trying to learn and do everything in a limited amount of time, then get discouraged by either getting no results, getting scammed or burned from doing it wrong then eventually giving up.
It is important to understand you need to work smarter not harder. This is the only way to run a successful investment and real estate investing business. Not only will this make it more profitable but also more enjoyable!
Though you will not need everyone for investment strategy you are focusing on, here are the top ten you should establish relationships with when you are starting out (in no particular order):
1. Home Inspectors
2. Insurance Agents
3. Mentors
4. Mortgage Brokers
5. Property Management Companies
6. Real Estate Agents
7. Real Estate Appraisers
8. Real Estate Attorneys
9. Rehab Crews
10. Title Companies
When putting together your investment team, here are some guidelines to follow:
1. Make sure you work with those that have experience working with investors similar to yourself. For example, a real estate agent that primarily works with clients buying apartments when you are flipping or wholesaling single family homes will probably not be a good fit.
2. Make sure they have experience working in the area where you are investing.
3. They should have at least 2-3 years of full time experience in the area you are hiring them for.
4. Don't depend on just one in each category. For example, having 2-3 agents, brokers and inspectors will give you more flexibility, a larger network of contacts, and more competitive options for different investing circumstances.
5. Always ask for referrals so you can expand your team using the best people.
The bottom line is: The more you utilize the expertise of those around you, the more lucrative and *easier* your business will be. Period. So whether you choose long term buy and hold strategies or quick cash strategies like wholesaling real estate, you will be well on your way to achieve the fastest and most aggressive results possible. Remember to work
One of the biggest traps beginning investors fall into is that they try and do everything themselves. They think they will just get one deal done to make some money then build an investment team. Unfortunately, what usually happens is they get stuck trying to learn and do everything in a limited amount of time, then get discouraged by either getting no results, getting scammed or burned from doing it wrong then eventually giving up.
It is important to understand you need to work smarter not harder. This is the only way to run a successful investment and real estate investing business. Not only will this make it more profitable but also more enjoyable!
Though you will not need everyone for investment strategy you are focusing on, here are the top ten you should establish relationships with when you are starting out (in no particular order):
1. Home Inspectors
2. Insurance Agents
3. Mentors
4. Mortgage Brokers
5. Property Management Companies
6. Real Estate Agents
7. Real Estate Appraisers
8. Real Estate Attorneys
9. Rehab Crews
10. Title Companies
When putting together your investment team, here are some guidelines to follow:
1. Make sure you work with those that have experience working with investors similar to yourself. For example, a real estate agent that primarily works with clients buying apartments when you are flipping or wholesaling single family homes will probably not be a good fit.
2. Make sure they have experience working in the area where you are investing.
3. They should have at least 2-3 years of full time experience in the area you are hiring them for.
4. Don't depend on just one in each category. For example, having 2-3 agents, brokers and inspectors will give you more flexibility, a larger network of contacts, and more competitive options for different investing circumstances.
5. Always ask for referrals so you can expand your team using the best people.
The bottom line is: The more you utilize the expertise of those around you, the more lucrative and *easier* your business will be. Period. So whether you choose long term buy and hold strategies or quick cash strategies like wholesaling real estate, you will be well on your way to achieve the fastest and most aggressive results possible. Remember to work
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